The Paul Tudor Jones letter is the single most bullish thing ever written about bitcoin, and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow. Mandate changes and onboarding take time. PTJ will be on CNBC this week.

It is time for bitcoin bears to put biases aside once and for all. What we think is good for Twitter arguments and bar discussions. What really matters is not what we think, but what the crowds and smart money think or, more importantly, will think. Incremental demand is coming.

Even if incremental demand were not to come, which is always a risk, $BTC offers great a long-term risk-reward, from here. A 35-50% downside and 100-200% upside (1:2 to 1:6) in the following 1-2 years look reasonable to me.

The risk reward could be much more favorable than that as $BTC has no real top. The day it goes above 20K it could go on a wild run to 50K in little time. The thing is getting to 20K first. Hopefully without a long wait. Waiting too long could turn holding $BTC into a poor wager.

Bitcoin is definitively not perfect. It has many flaws. Bitcoiners are definitively not perfect. In fact, too many suffer from pronounced brain atrophy. But those are not good reasons to keep one from a great trade.